The real estate market is hot right now, and if you're thinking about buying a home, then it's a great time to make the move for a number of reasons.
According to a recent article from J.P. Morgan, there are several contributing factors:
Mortgage rates have risen, but are still historically low
Home construction still falls short of meeting demand
Remote work is likely to keep suburbs attractive
Millennials—the largest generation in U.S. history—are expected to keep buying homes
A few other helpful takeaways from the same article include:
Housing prices have spiked during the last six-to-nine months, and they are likely to keep rising. That means, if you're looking to purchase a new home, conditions now may be be better than in a year from now, especially if you are looking in the U.S. South. That's because a “flight to the South” that was already underway before the pandemic hit, greatly accelerated during the COVID-19 crisis.
Since 2008, the shortage in construction of new homes has been so extreme that there is now a lack of homes available for sale. It will take time to reverse this supply shortage.
“Buyers understand this value too, with six lots sold at Splinter Creek in the last six months.
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Those factors make building at Splinter Creek especially attractive right now. Buyers understand this value too, with six lots sold at Splinter Creek in the last six months.
The Splinter Creek community, located just outside of Oxford, Mississippi, offers large, private retreats with three lakes on 650 acres. Ready-to-build land is primed for residents environmentally sensitive and sustainable development. If you've been curious about calling Splinter Creek home, email info@splintercreekms.com to learn more.
